Hi,
In one of the case I have seen that BOD meeting was held on 29th of the month in which the BOD adopted the accounts and auditors signed the annual accounts on 30th of the same month i.e prima facie the BOD adopted the audited accounts but only signing by auditors was done after adoption.
Can audit be done before the Board of Directors adopt the accounts at board meeting.
Yes, audit can be started before adoption of the accounts by the Board. It is a common practice to place the draft audit report in the same meeting in which the Board approves and adopt the accounts.
Also see the file attached containing the depatment views on the time gap between approval and signing by the auditors
here is the attached file
Great job done by Ekta.
Thanks Mr. Mishra
Its a very known book on Companies Act used by professionals-
"Gudie to Companies Act - A Ramaiya"
Ohk....I know bout it ,but i dont hv d book..thanx..
Upto my understanding No, auditor's are appointed and accounts are adopted Y-o-Y basis, if you appoint the auditor and adopt Financial statement for 4-5 yrs on one day, it would be clear cut violation of law. Preferably complete your paper work and file the document under CLSS. Do it fast scheme is valid upto 31.08.2010 only.
Others views solicited.
Regards,
| Originally posted by : vivek | ||
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Upto my understanding No, auditor's are appointed and accounts are adopted Y-o-Y basis, if you appoint the auditor and adopt Financial statement for 4-5 yrs on one day, it would be clear cut violation of law. Preferably complete your paper work and file the document under CLSS. Do it fast scheme is valid upto 31.08.2010 only. |
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Agree with Mr. Vivek.
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